Palisades Capital Realty Advisors, a Los Angeles investment manager, has launched a program under which it plans to make about $320 million of office-property acquisitions over the next two years.

The program's first acquisition was the 127,000-square-foot Cascade Station office complex in Portland, Ore., that it bought in April for $30 million, or about $236.22/sf, from Trammell Crow Co. The deal is an example of the other types of acquisitions that the Palisades Capital program expects to make. The investment program is expected to boost the property's value by increasing rents to market levels as leases roll in about four years. The program plans to hold Cascade Station and its other acquisitions for seven to 10 years. The program could further boost its buying power by bringing in investment partners on its deals. It would look to potentially co-invest directly with pension funds or other investment programs backed by high net-worth investors.